Advanced Fraud Solutions (AFS), the provider of deposit fraud detection software, has partnered with Access Softek in order to let businesses more closely monitor outbound checks and ACH payments, according to a Tuesday (April 13) press release. AFS Positive Pay will integrate with Access Softek’s Access Commercial solution.
Businesses will receive real-time notifications when payment information, including routing numbers, account information and other details or amounts, could be fraudulent, the release stated.
AFS Positive Pay, which rolled out in February allows financial institutions (FIs) and their business customers to monitor changes in payments information in order to fight vendor fraud, according to a separate press release.
Access Commercial is the business banking arm of Access Softek and works to enable community banks to meet the needs of businesses by offering tools to improve relationships, the Tuesday release stated. It also offers an online program for credit unions (CUs) and community banks to boost business accounts. Access Commercial helps financial institutions (FIs) in expanding their footprints, using cost-effective tools that businesses can use to manage finances.
Access Softek Founder and CEO Chris Doner said in the Tuesday release that the new partnership would work to “immediately strengthen vendor and payroll fraud protections for our banking partners.”
“Positive Pay is a must-have for community financial institutions looking to attract and retain enterprise banking customers in such a competitive marketplace,” he added in the release.
“Small businesses are especially reliant on their financial institutions to help them monitor and process vendor payments,” said AFS President and CEO Lawrence Reaves in the release. “This integration helps automate and streamline banking operations for Access Commercial clients. We are pleased to partner with Access Softek to provide an additional level of fraud prevention to the end business customers.”
Fraud, which has become omnipresent especially amid the pandemic, is a burden that some argue should be shouldered by banks, while others say businesses’ accounting and accounts payable (AP) departments should accept the responsibilities, PYMNTS reported.
AFS Vice President of Strategic Partnerships Ted Kirk said there’s an opportunity to strengthen fraud prevention through collaboration. The company’s new solution, Positive Pay, works toward that by promoting collaboration between finance teams and banks.
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